Frequently Asked Questions
We offer a variety of loan options for manufacturing companies. Here's a list of the types of loans we provide:
ACCOUNTS RECEIVABLE FINANCING:
- Invoice Factoring: Unlock cash flow trapped in your invoices with up to $20,000,000. This loan option is for manufacturers, distributors, and other types of businesses that sell goods or services to creditworthy commercial accounts on open terms. Transportation Factoring
- Construction Factoring
- Medical Factoring
ASSET BASED LENDING:
- Receivables Finance: Secure a working capital loan based on the value of your business assets such as accounts receivable, machinery and equipment, inventory, and real estate.
- Inventory Finance
- Equipment Finance
- SBA 7(a) Loan Program: A loan program guaranteed by the Small Business Administration for small business needs such as refinancing, working capital, purchase of inventory, buying out a partner, or purchasing commercial real estate.
- SBA 504 Loan Program
- SBA Express Loan
- Cashflow Based Term Loans: A loan option that can be funded as quickly as 24 hours and is based on future or historical cash flow.
- Bridge Loans
- Situational Capital Term Loans
We hope this information helps and please don't hesitate to reach out if you have any further questions or if you'd like to explore any of these loan options in more detail.
It is important to note that requirements and qualifications may vary depending on the loan product and lending partner. Here are some basic requirements:
- Business Ownership: You must own or have an ownership stake in the business that you are seeking financing for.
- Time in Business: Your business must have been in operation for a minimum of one year.
- Revenue: Your business must generate a minimum of $100,000 in annual revenue.
- Credit History: A good credit history and personal credit score is important in obtaining a loan. Our lending partners will consider both your business and personal credit history when evaluating loan applications.
- Collateral: Some loan products may require collateral such as accounts receivable, machinery, equipment, inventory, or real estate.
- Purpose of Loan: You must have a clear purpose for the loan, such as expanding your business, purchasing equipment, or refinancing debt.
The interest rate and fees associated with the loan can vary depending on the type of loan and the individual circumstances of the borrower. However, we pride ourselves on offering competitive rates, with most of our loans having an interest rate that ranges from Prime plus 1 to Prime plus 3. This means that the interest rate will be based on the current Prime rate, which is a benchmark set by financial institutions, and then an additional margin is added based on the borrower's creditworthiness and other factors.
In addition to interest, there may be other fees associated with obtaining a loan, such as origination fees, processing fees, or appraisal fees, to name a few. To get a more accurate understanding of the interest rate and fees associated with a loan, we recommend speaking with one of our loan specialists who can provide a customized quote based on your specific needs and circumstances.
We are proud to be among the few lenders that can offer 15-year terms for some of our loan products. This provides our borrowers with the flexibility to choose a loan term that fits their specific needs and goals.As for the repayment schedule, it will be determined based on the loan type and the terms agreed upon between the borrower and the lender. Our team will work with you to create a repayment schedule that is manageable and aligns with your business goals.
The documentation required for the loan application process may vary based on the type of loan you are applying for and your specific financial situation. However, we have streamlined the process and use a 5-C method to assess the creditworthiness of a business, which makes our loan approvals faster than traditional loan options.
After the loan application is submitted and all necessary documentation is received, we aim to deliver approvals the same day. Funding can occur as quickly as within 5 business days. Our goal is to provide a seamless and efficient loan application process, so you can get the funding you need quickly.
We are proud of the many successful loans we have provided to manufacturing companies just like yours. To provide you with additional peace of mind, we encourage you to check out our Google reviews where you can see first-hand the experiences of some of our past clients. Additionally, if you would like to speak directly with some of our previous manufacturing clients, we would be happy to connect you with them. This way you can get a direct, first-hand account of the experience they had working with us.